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Before starting the company and industry component of the business plan, correct any weaknesses or problem areas in part I. Students are still working in groups.

The Company and Industry Component

In this section, provide information about the background of the company, choice of legal business form, information on the products or services to be offered, and a description of potential customers, current competitors, and the business’s future.

Refer to chapter 5, Choosing a Form of Business Ownership and Chapter 6, Small Business, Entrepreneurship, and Franchising. Both these chapters will help you in answering many questions in this section of the business plan,

Specifically, refer to:

Pages 140-144 for partnerships, types of partners, the partnership agreement, and advantages and disadvantages of partnerships.

Pages 144-151 for corporate form of ownership and its advantages and disadvantages.

Pages 151-154 for other types of business ownership.

Pages 167-172 for a profile of a small business sector, industries that attract small businesses, the people in small business, and why small businesses fail.

Pages 172-174 for the importance of small businesses in our economy.

Pages 174-178 for advantages and disadvantages of small business.

Review the guidelines for developing a business plan on pages 178-179.

If you are choosing a Franchise refer to pages 182-186 for advantages and disadvantages of franchising.

This Business Plan cover all the chapter that would have been covered in class.
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